Hudson's Bay to review strategic alternatives for Lord & Taylor - CNBC

Shopper on Fifth Avenue in New York with a Lord & Taylor shopping bag.

Richard Levine | Corbis News | Getty Images

Saks-owner Hudson's Bay Company is exploring strategic alternatives for its Lord & Taylor brand, including a possible sale or merger.

Like other U.S. department stores, Lord & Taylor has been struggling as customers shop less at malls and more online. The brand has been closing stores, including its iconic Fifth Avenue location earlier this year after selling the building to WeWork.

Last month, Hudson's Bay reported that fourth-quarter same-store sales for Lord & Taylor, Home Outfitters and its namesake brand declined by 5.2%. Meanwhile, its luxury department store brand Saks Fifth Avenue reported same-store sales growth of 3.9%.

Lord & Taylor's parent company has been trying to simplify its organization, strengthen its retail operations and improve its cost structure.

The company announced Monday that it has retained PJ Solomon as its financial advisor for its review of the department store brand.

"This review of strategic alternatives for Lord + Taylor is another example of how we are exploring options to position HBC for long-term success," Helena Foulkes, CEO of Hudson's Bay, said in a statement.

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https://www.cnbc.com/2019/05/06/hudsons-bay-to-review-strategic-alternatives-for-lord-taylor.html

2019-05-06 13:53:25Z
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